PAGE 4 October 1, 2008
The Newscaster/Nature Coast News
Citrus County Commission sets
Real Estate Today
final budget, tax rate
Let's bring back financial responsibility
A Guest Commentary by Darryl Diamond
gerous for most buyers. Adjustable rate loans
At its Sept. 23 final budget hearing, the Citrus County Commission reduced the
were developed for a small group of borrow-
There are more e-mails flying
county-wide tax rate in its budget for fiscal year 2008-2009. The commission set its ad
ers predicated on the one as-
around the internet relating to how and why
valorem millage rate at 5.7299 mills, down .1617 mills from the current rate, 5.8916 mills.
sumption that corporate
we are in the present economic situation.
The new fiscal year begins Oct. 1. A mill equals one dollar for each $1,000 of
America always pays their em-
Most of the e-mails focus on government
taxable value. The average Citrus home, with a market value of $127,363 and a taxable value
ployees guaranteed raises
officials, the lending officials, and/or the
of $77,363 after homestead exemptions would pay $443 in county-wide taxes, which rep-
which would pay the possible
banking officials. Even though many of these
resents a $13 in savings over the current rate. The fire rescue and library district millages
raise in payments when the in-
officials have made massive mistakes, I saw
remained the same for the new fiscal year, at .4566 mills, and .3102 respectively, making
terest rate adjusted upward af-
it coming on the street level when the banks
for a total 6.4967 millage rate.
ter a few years.
started to get off requiring buyers to come
The reduction in the county-wide millage rate was a 16 percent cut from the mill-
Well corporate America is not giv-
to closing with at least 20% down on the big-
age that would raise the same amount of local tax money for the new year that was raised for
ing automatic pay raises anymore so adjust-
gest purchase of their life.
the current fiscal year. The millage that would raise the same amount of money in the new
able rates are bad news. Zero down loans
Before the year 2002 it was "Spe-
fiscal year is called the “rollback rate,” and it is normally lower than the current year’s rate
were given to help buyers that could not save
cial" to get a zero down loan. Before 2002
because of growth and the increase in property values. However, because of falling property
for a down payment. These buyers now have
you had your government guaranteed VA zero
values and slowed growth, this budget cycle the rollback was actually a “rollforward” rate of
no equity in their homes so if they get be-
down mortgages, which was a great for our
7.7694 mills.
hind on their payments it is hard if not im-
veterans. Then you had your special 3% down
The portion of the general fund budget which includes the revenue from local taxes
possible to sell their property, and get out
FHA loan, and for us insiders we knew of a
was $63.2 million for the current year. That same portion of the tentative general fund
from their mortgage.
farmer home loan zero down program.
budget for the upcoming fiscal year had been proposed at $55.9 million earlier this year. It
Then there were the ads on TV ev-
Then all of a sudden, around 2003,
was further reduced by commissioners to $54.1 million at the Sept. 23 hearing, for a reduc-
ery night advertising 120% re-finance loans
there was a zero down conventional loan
tion of $9.1 million in the ad valorem general fund budget.
which were absolute lunacy, and on top of
available from banks, followed by an equally
that there were interest only loans. Dear
irresponsible zero down FHA loan. Instead
home buyers of America, save your 20%
of forcing young couples to plan, save
Please
down before shopping for a home. Come to
money, and just as important dream of home
me or your agent for a dream home priced
ownership, this change in requirements al-
vote for our
right, and get a low fixed rate mortgage. Then
lowed couples to buy a home without plan-
simply budget your family to live within your
ning.
Papa!
means, which allows you to pay your mort-
Many couples of all ages would ac-
gage on time every month, and you will be
tually wake up at 9AM, decide to buy a home,
OK through thick and thin. Darryl and Vicki
and place a contract on a home that day. No
He cares about
Diamond and the entire "Diamond Team"
saving for a down payment, no saving for
Levy County’s
have the many years of experience required
closing costs, no paying off credit cards, no
to handle all of your professional real estate
paying off any high car payments, and basi-
future property
needs. Please call Diamond Investments Inc.
cally these buyers purchased a home with-
anytime at 352-447-4442. I'll see you around
out doing much of anything. I feel that zero
owners.
"The Campus".
down loans, and adjustable rate loans are dan-
Flying Tire - From page 1
and only an estimated $50 in damages to the van that had been parked in the parking lot by
James A. Shook of Crystal River, who was inside the store, purchasing a soda, when the
incident occurred. Neither Shook nor the store clerk was injured by the flying glass and
spewing chemicals, and no motorists came into contact with the two wayward tires.
According to store owner, Dinesh Patel (see photo), there were no damages to the
new gas pumps or cash register, and the store is back open for business. Only weeks prior,
the reverse was true, when the store did not sell gas for over a month while new gas pumps
Vote
were being installed, along with a new computing system inside the store.
November
4th
Notice of Public Meeting
on closure of Inglis Lock
Political Ad Paid for and Approved by Francis Akins, Democrat for Property Appraiser.
October 1, 20085:30-7:30 p.m.
Inglis Community Center
137 Highway 40 West
Inglis, Florida 34449
The Florida Department of Environmental Protection’s Office of Greenways
& Trails will conduct a public meeting to obtain comments concerning the conceptual
permanent closure of the Inglis Lock on the Marjorie Harris Carr Cross Florida Greenway.
Comments may also be submitted by mail to State of Florida Department of Environ-
mental Protection, Office of Greenways and Trails, 3900 Commonwealth Boulevard,
MS795, Tallahassee, Florida 32399-3000 or by email to jim.d.wolfe@dep.state.fl.us.
All comments must be received by October 8, 2008.
www.FloridaGreenwaysandTrails.com
Toll free: (877)822-5208